Piramal Glass Ceylon gross profit crosses Rs1Bn

glass

For the nine months ended Dec 31, 2017 the overall turnover of Piramal Glass Ceylon was on par with the previous year’s sales of Rs.5 billion mark.

The domestic sale for the period was Rs. 3,375 million as against the previous year’s Rs. 4,065 million depicting a drop of 17%, whilst the export market showed a growth of 70% from 959 million in the previous year to Rs. 1,627 million as at December 31, 2017.

The domestic sale for the quarter under review was Rs. 1,256 million as against Rs. 1,563 million of the previous year which reflected a 20% drop in sales whilst the exports showed a commendable growth of 75% from Rs. 416 million to Rs. 729 million.

The dip felt in the overall domestic market since the beginning of the year did not recover during the quarter under review. Due to the increase in levies and taxes, the final products are becoming more expensive. This results in a decline in consumer demand which ultimately reflects in the reduction of sales in the food, beverage and liquor segments. Added to this, the impact of extreme weather conditions impacted the sales in the virgin coconut oil and agro chemical segments .

The gross profit for the nine months ended December 31, 2017 grew from Rs. 934 million to Rs. 1,039 million by thus crossing the 1 bllion mark. This is an improvement of the GP margin from 18% to 21%. The operating profit too showed a marked improvement of Rs. 595 million as against Rs. 448 million of the previous year.

(PRESS RELEASE)